Kenya, Nigeria and South account for a bulk of crypto asset owners out the 32 million users in Africa according to statistics by Triple A.
Nigeria is the leading crypto currency market in Africa with 22.3 million crypto owners followed by South Africa with 7.7 million and Kenya with 6.1 million.
In the wake of crypto currency crash which has seen investors counting losses, Mara Chief Executive Officer and Co-founder Chi Nnadi says as it targets to expand its operations in Africa beyond Kenya and Nigeria where it has launched operations with Mara Wallet expected later this month, it will also target crypto education in new markets
“As one of our first steps to achieve crypto education, financial literacy, and ensuring a more equitable distribution of capital, we are delighted to pre-launch the Mara Wallet. Our goal is to get Sub-Saharan individuals started on their journey to leverage a financial infrastructure that they can build their lives upon and make the most of the financial-growth opportunities available in the cryptoeconomy,” said Nnadi .
The tumbling crypto exchange market has seen bigger players such Bitcoin fall to $20,000 from $70,000 in November last year.
Mara targets to launch three products in the two market beginning with the Mara Wallet where users will be able to buy, sell, send, and withdraw cryptocurrencies.
Nnadi further backs Mara Wallet to be a portal to the cryptoeconomy in Africa, focused on helping users conveniently manage their crypto-finance needs, take a major step toward financial freedom, and learn more about cryptocurrency and blockchain in the continent.
“At Mara, we are committed to the financial empowerment of the individuals that use our products and services to meet their various crypto-finance needs, and take responsibility in building an informed community seriously,” he stated.
According to a report by the Ministry of ICT Distributed Ledger and Artificial Intelligence Taskforce released in the 2019, Kenya government needs to enable development of supportive ecosystem to allow cross collaboration for the interoperability and scale of Blockchain solutions.
“This includes the required supportive infrastructure (connectivity and electricity), developing the necessary talent, adequate financing mechanisms and an analysis of existing infrastructure and policies that may support solutions,” the report stated.
The pre-launch event for Mara-Wallet targeted crypto-curious and crypto-enthusiast users alike who seek early access to the exchange.
The Mara Wallet app is available in the Google Play and Apple App stores.